Vancouver, British Columbia, August 19th, 2004. Candente Resource Corp. - DNT:TSX-V ("Candente") is pleased to advise that the Phase One drilling program has been completed on the wholly-owned Alto Dorado property located in Northern Peru. A total of 1050 metres have been drilled in nine holes. Eight holes were drilled in the Toril high sulphidation gold zone and one in the Olla porphyry gold-copper zone. Depths of drill holes varied from 46 to 201 metres. All assays are expected to be received, compiled and reported within the next three weeks.
In the Toril Zone the drill holes intersected a volcanic sequence of pyroclastic breccias, lapilli breccia, crystal tuff and lahar rocks. Vuggy silica and quartz-alunite alteration which are typical of the high sulphidation environments was found predominantly in the more porous units: the pyroclastic breccias and lapilli breccia. A diatreme-like structure crosscut by various hydrothermal breccias (feeders) and vuggy silica fragments was intersected near the centre of the Toril Zone. It is believed to have acted as the conduit (control) for the alteration and gold mineralization, which is strongest closer to the structure. Some targets were not reached due to drilling difficulties caused by clays and broken rock, especially near the diatreme-like structure.
In the Olla Zone, one hole was drilled to a depth of 190 metres. The entire hole intersected alteration and mineralization typical of gold-copper porphyry deposits, which includes: leached cap, propylitic, phyllic (quartz-sericite), potassic (secondary biotite) zones, which contain quartz stockwork. Chalcopyrite and chalcocite (copper minerals) occur as disseminations (particles) and in quartz stockwork over most of the hole. Molybdenum was observed starting at 80 metres to the bottom of the hole also as disseminations and in stockwork. Previous reverse circulation drilling by Hecla and Candente in this area (four holes to depths of 40 to 100 metres) intersected copper and gold grades varying from 0.1 to 0.65 grams per tonne (gpt) gold and 0.1 to 0.37% copper. Due to the nature of reverse circulation drilling, which only recovers small rock chips, and the shallow depths of the drill holes, all of the porphyry style alteration zones were not previously recognized. Recent geological mapping has identified quartz stockwork, argillic and phyllic (typical porphyry style) alteration in outcrop over an area that covers 1.8 by 0.8 kilometres (km). Within this alteration zone, chalcopyrite and pyrite mineralization has also recently been identified in petrographic studies from outcrop 1.2 km north of the recent core drill hole.
Geophysical surveys (induced polarization) over the porphyry targets are in progress and to date have identified high chargeability signatures typical of porphyry style mineralization. Future drill targets are expected to be developed with this work.
The drill will now be moved to the Cañariaco Property and a second phase drilling program will be carried out at Alto Dorado following the Cañariaco drilling program.
For more technical information on the Alto Dorado property please refer to: http://www.candente.com/s/Projects_Peru.asp?PropertyInfoID=655&View=1
Candente also advises that the Company has granted incentive stock options to new employees to purchase a total of 160,000 shares exercisable at a price of $0.70 per share for a period of five years.
Candente is a well-funded mineral exploration company focused on the acquisition and exploration of world-class gold and copper projects. Management has a strong geological/technical focus and a track record of discovering world-class mineral deposits. Candente has a policy of ensuring that its exploration and development activities are beneficial to the local communities. For more information visit www.candente.com, call us at (604) 689-1957, toll free 1-877-689-1964 or e-mail to info@candente.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Joanne C. Freeze"
Joanne Freeze, P. Geo., President & CEO
Candente Resource Corp.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This News Release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Candente relies upon litigation protection for forward-looking statements.